A Dundee property and investment firm has unveiled a “multi-million pound plan” to create affordable homes after it acquired a block of Abertay University halls of residence.

Carling Property Group confirmed the acquisition of Alloway Halls in Dundee this week.

The 148 tenancies secured in the purchase of the building, takes the group’s portfolio to over 350 properties making it the biggest independent group in Scotland and one of the biggest in the UK.

Graeme Carling, co-founder of Carling Property Group, said: “We are delighted to have successfully acquired Alloway Halls from the University of Abertay who were an absolute pleasure to deal with. This is a significant purchase for our business and is part of a multi-million pound plan for the site. There’s a tangible shortage of quality affordable housing in Scotland, and a collection of well-maintained properties like this will help us to plug that gap.”

Last year Carling Property Group took the award for Most Outstanding Affordable Housing Provider in the UK 2015 at the UK Over 50s Housing Awards and this latest addition to their portfolio puts the firm on track to own 1000 properties within the next five years.

Graeme Carling added: “The residential property investment market is a volatile landscape for small operators at the moment and, with the introduction of new tax changes, investment in this sector will undoubtedly become increasingly difficult. As a sustainable business with the intent to provide affordable housing at our core, Carling Property Group believe scale is vitally important to ensuring the future of affordable housing in the UK providing good quality and value for tenants and we’re well on track to achieving those aims.”

The deal was part financed by The Bank of Scotland, and overseen by Glasgow conveyancing practice McVey and Murricane.

Andy McKie, relationship director at Bank of Scotland, said: “The provision of affordable housing is an increasingly important priority for Tayside, and the whole of Scotland.

“It’s very encouraging that the largest independent landlord in the Scotland is dedicated to addressing this issue, and we are very proud to support Graeme and Leanne as they grow their portfolio.”